• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Bitcoin Sentiment Indicator Prints “Extreme Fear” in Potential Sign of Bottom

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin’s (BTC) recent plunge under $8,000 to tap $6,800 has done numbers of the sentiment in the cryptocurrency industry. As a popular trader, Crypto Michael, noted in a recent tweet, the Bitcoin Fear & Greed Index recently printed a 23, which is on the “extreme fear” side of the oscillating indicator.

$BTC #BITCOIN

I like extreme fear. pic.twitter.com/qCQOghIEmH

— Crypto Michaël (@CryptoMichNL) November 23, 2019

An aside: While this reading may seem entirely arbitrary, especially considering the bullish momentum Bitcoin has experienced in the first half of 2019, the index’s readings are backed by data. The website that hosts the index claims it analyses a fair mix of volatility, market momentum and volume, social media trends, surveys, dominance, and Google Trends to get the gist of how cryptocurrency investors are faring.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The reading of 23, and thus “extreme fear,” are relevant because many believe that emotions drive markets, especially the cryptocurrency market. As analyst RektCapital wrote in a recent blog post:

“Human psychology tends to be predictably irrational because many people tend to react similarly in certain contexts… Baron Rothschild made a fortune by buying when others sold in panic. His philosophy was to ‘Buy when there’s blood in the streets.’ Because the greater the fear — the larger the opportunity for profit.

With that in mind, is there any chance at Bitcoin bouncing?

Related Reading | Uncommon Bitcoin Metric Suggests Massive Profit Taking Is Underway 

Will Bitcoin Bottom?

According to a number of analysts, for sure.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

An analyst that goes by “Salsa” noted that Bitcoin and Ethereum’s three-day charts printed the same extremely bullish candle pattern: a swing failure pattern “below major liquidity pools on the three-day time frame.” He noted that this contributes to the idea that BTC “bottomed on a macro scale.”

/3 $ETH and $BTC closed as bullish SFPs below MAJOR liquidity pools on D3 time frame. This week will be interesting, CME Monthly close Friday ?. Still think there is a decent chance we're bottoming on macro scale. Fully invested again on spot exposure, will scalp till CME close. pic.twitter.com/lAo5xQkvRF

— SalsaTekila (@SalsaTekila) November 24, 2019

Also, Dave the Wave, an analyst who called the drop to $6,700 months and months ago, said that there is a confluence of technical factors that suggest a long-term bottom was put in at $6,700.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

This confluence includes but isn’t limited to the three-year moving average—which currently sits in the low-$6,000s—is where BTC historically has found support in early bull markets and the fact that the cryptocurrency has bounced off the 0.5 Fibonacci Retracement level of the $3,200 to $13,800 range, implying bottoming price action.

Related Reading | Bitcoin Market Cycle: Is This Complacency, Or A New Hope?
Featured Image from Shutterstock
Tags: bitcoincryptocurrencyfear and greed index
Tweet123Share213ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Taro Taro Taro

Lightning Speed: Taro Wants To Abolish Cross-Border Payments, Disrupt The Market

15 hours ago
Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

Bitcoin Is An alternative To Economic Condition, Says CEO Of Franklin

1 day ago
Bitcoin Bear

Bitcoin Bearish Signal: Whales With 1k-10k BTC Depositing To Exchanges

1 day ago
Bitcoin Bear

Bitcoin aSOPR Fails Retest Of Historical Bull-Bear Junction

2 days ago
Is Bitcoin Price Hiking Due To An External Reason, What Does The Data Suggest

Is The Bitcoin Surge Due To An External Reason? What The Data Suggests

3 days ago
Glassnode Report Shows Bitcoin And Ethereum Derivatives Gain Massive Traction

Glassnode Report Shows Bitcoin And Ethereum Derivatives Gain Massive Traction

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Earn Rewards From Quilvius Using Bitcoin

August 13, 2022

Gnox (GNOX), Sandbox (SAND) and Decentraland (MANA): The Most Promising Investments in 2022

August 13, 2022

Here’s What Arab Investors Are Buying Right Now! Uniglo (GLO), Fantom (FTM), Bitcoin (BTC) And Spookyswap (BOO)

August 13, 2022

LBank Exchange Will List RedEyesMovement (REM) on August 15, 2022

August 13, 2022

As Nearly 75% of Retailers Plan to Accept Crypto, Watch Out for Dogecoin and HachiFi

August 13, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.